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In its first month of operations, Sheffield Company made three purchases of merchandise in the following sequence: ( 1 ) 3 0 0 units at

In its first month of operations, Sheffield Company made three purchases of merchandise in the following sequence: (1)300 units at $6.(2)400 units at $7 and (3)200 units at $8. Assuming there are 380 units on hand, compute the cost of the ending inventory under the FIFO method and LIFO method. Weatherall uses a periodic inventory system.

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